Amid the ongoing weakness in the domestic equity market, at least three initial public offerings (IPO) by Prudent Corporate Advisory Services, Delhivery Limited, and Venus Pipes and Tubes are slated to hit the primary market this week to raise nearly Rs 6,000 crore from investors.
Prudent Corporate Advisory Services will open for subscription on May 10. The company has fixed a price band of Rs 595 to Rs 630 for the public issue, which will close on May 12. Prudent Corporate Advisory Services is aiming to garner around Rs 539 crore through the public issue. Shares of Prudent traded at a premium of Rs 30 in the unlisted market in the morning trade on Monday.
Prudent Corporate Advisory Services is an independent retail wealth management services group in India and are amongst the top mutual fund distributors in terms of average assets under management (AAUM) and commission received. As on December 31, 2021, their assets under management from the mutual fund distribution business (“AUM”) stood at Rs 48,411.47 crore with 92.14 per cent of their total AUM being equity-oriented.
Delhivery Limited will open for subscription from May 11-13. The company has fixed a price band of Rs 462-487. Delhivery is one of the largest and fastest-growing fully-integrated logistics services players in India by revenue as of fiscal 2021.
They provide supply chain solutions to a diverse base of 23,113 active customers (excluding those serviced by Spoton) such as e-commerce marketplaces, direct-to-consumer e-tailers and enterprises and SMEs across several verticals such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive and manufacturing, for the nine months ended December 31, 2021. Delhivery aims to raise around Rs 5,235 crore from the public issue.
Venus Pipes and Tubes, which will also kick-off for subscription from May 11-13, will garner around Rs 165 crore from the IPO. The company has fixed a price band of Rs 310-326 for the upcoming public issue. Shares of the company were available at a premium of Rs 20 in the unlisted market.
Shares of these companies are proposed to be listed on leading stock exchanges BSE and NSE both.
Meanwhile, the ongoing public offer by Life Insurance Corporation got oversubscribed by more than 2 times. Quota reserved for policyholders, employees and retail investors got subscribed by 5.35 times, 3.98 times and 1.71 times on the last day offer on May 9 till 11.42 am (IST). The portion reserved for qualified institutional buyers and non-institutional investors got subscribed by 1.12 times and 1.36 times, respectively.
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